European Union - Latest news GMK Center

The sanctions came into force on January 9, 2023. Steel products must be returned from the border, abandoned or confiscated

European countries will feel the hardest hit as the Russian war hits business activity and causes a spike in energy prices

The investigation was initiated by the Spanish rolling company Laminados Losal

The ban on the export of scrap from the EU will lead to the loss of jobs and an increase in the stocks of scrap for European companies

Chinese suppliers will pay a duty of 19.7-22.1%, and Russian – 18.7-36.1% for another 5 years

Shipments of flat rolled products from the EU decreased by 10% y/y in 8 months, and long products – by 22% y/y

Starting from October 2022, the company increased the product cost surcharges to €639/t compared to €480/t a month earlier

The European Commission expanded the list of restrictions, but postponed their entry into force until 2023-2024

Spot electricity prices vary across European countries, and governments are introducing packages of measures to overcome the energy crisis

The total Ukrainian exports decreased by almost half compared to the pre-war period

In August 2022, the average spot price for electricity in Italy was €537 per MWh, compared to €229.6 per MWh in January 2022

Analysts believe that state intervention has become structural